Hyundai To Set Up 2 RE Plants For Rs 38 cr In TN
RE100 is a global corporate renewable energy initiative by the Climate Group, bringing together hundreds of large and ambitious businesses committed to 100 per cent renewable electricity
Hyundai To Set Up 2 RE Plants For Rs 38 cr In TN
Chennai: Hyundai Motor India Limited (HMIL) on Thursday announced to set up two renewable energy plants in Tamil Nadu with an investment of Rs 38 crore.
The automaker will establish a 75 megawatt (MW) solar plant and a 43 MW wind power plant in the state with Fourth Partner Energy Limited (FPEL), to cater to the company’s renewable energy requirements.
The move is aimed to enhancing HMIL’s renewable energy portfolio and transition to 100 per cent renewable electricity across its manufacturing operations by 2025.
“Our collaboration with FPEL will help us achieve the RE100 benchmark by 2025. By harnessing the potential of wind and solar power, we are not only reducing our carbon footprint, but also living true to our global vision of ‘Progress for Humanity,’” said Gopalakrishnan C Sivaramakrishnan, Whole-time Director and Chief Manufacturing Officer, HMIL.
The automaker currently fulfils 63 per cent of its energy requirements using renewable sources (as on June 2024), and aims to reach the 100 per cent mark ahead of most automakers in the country.
RE100 is a global corporate renewable energy initiative by the Climate Group, bringing together hundreds of large and ambitious businesses committed to 100 per cent renewable electricity.
These facilities will operate under a group captive mode with a special purpose vehicle (SPV) formed for engineering, procurement, construction, operations and maintenance.
HMIL will hold 26 per cent and FPEL will hold 74 per cent equity stake in the project, which will ensure a 25-year supply of renewable energy to HMIL.
According to Vivek Subramanian, Co-founder and executive director at Fourth Partner Energy, through this agreement, “we will be supplying HMIL with over 25 crore units of clean energy every year, which will help the company mitigate CO2 emissions by 2 lakh tonnes annually”. HMIL has also installed a 10 MW rooftop solar plant at its manufacturing facility in Chennai.
The automaker registered total sales of 70,078 units in October, achieving its third highest domestic sales as well as third highest monthly total sales numbers since inception. The domestic sales were at 55,568 units and exports stood at 14,510 units in October — a 2 per cent overall sales growth from the year-ago period (a total of 68,728 units).
